India, UAE talk mutual investment, also in strategic oil reserve

Dubai, April 12 (IANS) India and the UAE on Friday held discussions on posssibilities of mutual investment in the oil and gas sectors, including about the latter investing in the building India’s strategic oil reserve.

“Had detailed discussion with Oil Minister of UAE;it’s 3rd meeting with him in a year;agreed on few concrete projects,” Pradhan tweeted.

“Discussed investment in Indian strategic oil reserve; mutual investment in oil, gas, refinery, petrochemical projects,” he said in another tweet.

Gulf and Saudi oil majors, such as Aramco, the Kuwait Petroleum Corp and the Abu Dhabi National Oil Company, have earlier shown interest in storage in India as it reduces their transport costs into Southeast Asia.